Sunday, February 08, 2009

$NDX Update for 02.08.2009


Monthly chart shows index remains well below all its key moving averages for this timeframe. It also remains below the down trendline in place.

Weekly chart shows the bulls showed up in force, taking the index back up to close well above the 8ema. A short term buy signal/pattern is event on this timeframe.

Daily chart shows the bulls managed to come out the past week. Current resistance is the January 2009 high. Look for signs of profit-taking at this level. IF the bulls can manage to take the market higher, THEN look for the .786 fib level as the initial upside target.

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